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India’s Wipro tops quarterly revenue estimates on strong Asia and Americas growth

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Indian IT major Wipro Ltd. posted stronger-than-expected results for the July–September quarter, supported by solid performance in its Asia-Pacific and Americas communications divisions and a healthy pipeline of large contracts.

The Bengaluru-based company reported a 1.8% year-on-year rise in consolidated revenue to 226.97 billion rupees ($2.58 billion), slightly above analysts’ estimates of 226.90 billion rupees, according to LSEG data. Wipro said it expects revenue growth between -0.5% and 1.5% for the current quarter, in line with market expectations, implying revenue of $2.59–$2.64 billion.

Net profit for the quarter rose 1.2% to 32.46 billion rupees, just below the forecast of 33.01 billion rupees. Among its major markets, Asia Pacific led growth at 3.1%, followed by Americas One at 0.5%, while other segments saw moderate momentum.

Wipro benefited from securing two mega deals worth over $500 million each — one with the UK’s Phoenix Group and another with a U.S.-based telecom provider — making it the only top-five Indian IT company to achieve two such contracts this fiscal year.

The company’s total deal bookings reached $4.69 billion, down from $5 billion in the previous quarter but up significantly from $3.6 billion a year earlier.

Peers Tata Consultancy Services (TCS) and HCLTech also exceeded revenue forecasts earlier this month, citing stronger demand in the second half of the fiscal year, signaling a broad recovery for India’s IT services sector.

TCS tops quarterly revenue forecasts, eyes stronger growth in second half

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Tata Consultancy Services (TCS) exceeded second-quarter revenue estimates, lifted by growth in its banking, financial services, and insurance (BFSI) segment, and said it expects better performance in the latter half of the fiscal year. The results have bolstered optimism for India’s $283 billion IT industry, which has faced weak client spending amid global uncertainty.

Sales for the quarter ending September rose 2.4% to ₹657.99 billion ($7.4 billion), surpassing the ₹650.86 billion forecast. Profit edged up 1.4% to ₹120.75 billion, though it fell short of analyst projections due to ₹11.35 billion in severance costs linked to a planned 2% workforce reduction affecting 12,200 employees.

CEO K. Krithivasan said deferred projects had decreased and expressed confidence that AI solutions and deeper client engagement would drive growth momentum in the second half. The BFSI unit grew 1%, offsetting declines in the consumer, healthcare, and manufacturing sectors.

TCS also announced plans to establish a new AI-focused business with a 1 GW data center in India, expected within five to seven years. Analysts estimate the project could involve up to $5 billion in capital expenditure and make TCS one of India’s top five data center operators.

Order bookings hit $10 billion, up from $9.4 billion last quarter, showing signs of steady recovery in global demand despite new U.S. outsourcing tax and visa challenges.

Accenture Reports Drop in Bookings Despite Strong Revenue, Launches AI-Focused Business Unit

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Accenture (ACN.N) reported a second consecutive decline in new bookings for the quarter on Friday, overshadowing its better-than-expected revenue results and a raised annual forecast. The consulting and IT firm is facing headwinds from reduced U.S. government spending and broader economic uncertainty, which have led to cautious client budgets and slower contract growth.

The company’s bookings—contracts secured for future revenue—fell 6% to $19.7 billion in the third quarter, missing analyst expectations of $21.54 billion and worsening from a 3% decline in the previous quarter. The number of clients with bookings exceeding $100 million dropped slightly to 30 from 32, while bookings related to generative AI reached approximately $1.5 billion.

Accenture’s CFO Angie Park highlighted that slower U.S. government spending will reduce fiscal fourth-quarter and annual revenue by around 2%, following only a minor impact in the prior quarter. Analyst Dan Coatsworth from AJ Bell noted that while earnings grew, investors are focused on future challenges, especially amid ongoing government budget cuts and contract delays.

In response, Accenture unveiled an organizational revamp to strengthen its AI consulting capabilities by creating a new business unit called Reinvention Services. This unit, led by Manish Sharma, head of Accenture’s Americas business, will consolidate the company’s AI offerings to better serve client needs amid the evolving market.

For the quarter, Accenture posted revenue of $17.7 billion, beating estimates of $17.3 billion, driven mainly by increased spending from financial services clients. Earnings per share of $3.49 also exceeded expectations of $3.32. The company raised its annual revenue growth forecast to between 6% and 7%, up from a previous estimate of 5% to 7%.